Delta Air Lines (DAL) director awarded $200K in restricted stock shares

Rhea-AI Filing Summary

DELTA AIR LINES, INC. director Willie CW Chiang received an annual restricted stock award of 2,380 shares of common stock, valued at $200,000, as approved by the Board of Directors on June 18, 2026. The grant was a compensation-related acquisition exempt under Rule 16b-3(d)(1), not an open‑market trade.

After this grant, Chiang directly holds 10,660 shares of Delta common stock. Separately, 20,000 shares are held indirectly by the Chiang 2014 Management Trust, where he and his wife serve as co‑trustees.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Chiang Willie CW

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,380	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 10,660 shares (Direct, null); Common Stock — 20,000 shares (Indirect, By Trust)

Footnotes (1)

1. Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000. The shares reported in this Form 4 represent the annual restricted stock award grant to the Reporting Person, as approved by the Board of Directors on June 18, 2026. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1). The shares are held by the Chiang 2014 Management Trust, of which Mr. Chiang and his wife are co-trustees.

Key Figures

Restricted stock award: 2,380 shares Award value: $200,000 Direct holdings after grant: 10,660 shares +1 more

4 metrics

Restricted stock award 2,380 shares Annual director stock grant approved on June 18, 2026

Award value $200,000 Annual restricted stock award for non-employee Delta directors

Direct holdings after grant 10,660 shares Delta common stock directly held by Willie Chiang post-transaction

Indirect trust holdings 20,000 shares Delta common stock held by Chiang 2014 Management Trust

Key Terms

restricted stock award, Rule 16b-3(d)(1), non-employee members of Delta's Board of Directors, Management Trust

4 terms

restricted stock award financial

"Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000."

A restricted stock award is company shares given to an employee or executive that cannot be sold or fully owned until certain conditions—like staying with the company for a set time or hitting performance targets—are met. Think of it as a gift that only becomes yours after you fulfill specific obligations; for investors, these awards matter because they can increase the total shares outstanding when they vest, reveal how management is being paid and motivated, and create potential selling pressure when restrictions lift.

Rule 16b-3(d)(1) regulatory

"The shares were acquired in a transaction exempt under Rule 16b-3(d)(1)."

non-employee members of Delta's Board of Directors financial

"Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000."

Management Trust financial

"The shares are held by the Chiang 2014 Management Trust, of which Mr. Chiang and his wife are co-trustees."

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chiang Willie CW

(Last) (First) (Middle)

C/O DELTA AIR LINES, INC.,

DEPT. 981, 1030 DELTA BOULEVARD

(Street)

ATLANTA GEORGIA 30354

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
DELTA AIR LINES, INC. [ DAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/18/2026		A		2,380(1)	A	(1)	10,660	D
Common Stock								20,000(2)	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000. The shares reported in this Form 4 represent the annual restricted stock award grant to the Reporting Person, as approved by the Board of Directors on June 18, 2026. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).

2. The shares are held by the Chiang 2014 Management Trust, of which Mr. Chiang and his wife are co-trustees.

	/s/ Alan T. Rosselot as attorney-in-fact for Willie CW Chiang	06/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did DAL director Willie Chiang report on this Form 4?

Delta director Willie CW Chiang reported receiving a grant of 2,380 shares of Delta common stock. This was an annual restricted stock award approved by the Board as director compensation, not an open‑market purchase or sale.

What is the dollar value of Willie Chiang’s Delta (DAL) stock award?

The annual restricted stock award to Willie Chiang was valued at $200,000. Delta grants this standard award to non‑employee directors, with the number of shares, 2,380, set to match that compensation value at grant.

How many Delta (DAL) shares does Willie Chiang hold directly after this filing?

Following the reported grant, Willie Chiang directly holds 10,660 shares of Delta common stock. This figure reflects his direct ownership position after the 2,380‑share restricted stock award shown in the Form 4.

What Delta (DAL) shares are held by the Chiang 2014 Management Trust?

The Chiang 2014 Management Trust holds 20,000 Delta common shares indirectly associated with Willie Chiang. He and his wife are co‑trustees of the trust, which appears separately from his 10,660 directly held shares in the filing.

Was Willie Chiang’s Delta (DAL) stock grant an open‑market transaction?

No, the 2,380‑share award was not an open‑market transaction. It was a restricted stock grant given as director compensation and is exempt under Rule 16b‑3(d)(1), meaning it was issued by the company rather than bought or sold in the market.

Why did Willie Chiang receive this Delta (DAL) restricted stock award?

Non‑employee Delta directors receive an annual restricted stock award as part of their compensation. The 2,380‑share, $200,000 grant reported for Willie Chiang represents this standard annual award approved by the Board of Directors.